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Article

20 Apr 2007

Author:
Kaiser Network Daily Reports [USA]

New York Times Examines Capitalism in Africa, Kenyan-Based Company That Produces Malaria Drug Component

New York Times columnist Thomas Friedman on Friday examined how Africa "most of all" needs "capitalists who can start and run legal companies" because people "grow out of poverty when they create small businesses that employ their neighbors." According to Friedman, Kenya-based Advanced Bio-Extracts -- the first African company to cultivate Artemisia annua and transform it into...the key ingredient in...therapies used to treat malaria -- is a good example of the combination of "patient capital, talent and innovation in Africa."...A. annua gives farmers four times the financial yield of corn, according to Friedman. Nthenya Mule, Acumen [Fund] Kenya country director, said... "...[In] 18 months, [ABE] set up a factory with 160 people interfacing with 7,000 farmers and supplying one of the major pharma companies in the world"... [also refers to Novartis]